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> Chief Technical Officer Paolo Ardoino Can't say this news comes out as a surprise. I'm actually surprised by the fact that there are any reserves at all. Wh

> Chief Technical Officer Paolo Ardoino Can't say this news comes out as a surprise. I'm actually surprised by the fact that there are any reserves at all. What is really interesting about Bitfinex / Tether is to research the history of the people who started these entities, especially their history prior to Bitcoin's existence. Here's a taste: https://nicolaborzi.medium.com/the-lawless-rollercoaster-of-bitcoin-enriches-few-investors-while-many-often-lose-everything-f9b4789444c2 https://nicolaborzi.medium.com/the-lawless-rollercoaster-of-... As much as I'm a proponent of crypto, some folks very early on intuitively realized that the friction-less nature of the new technology made it the perfect vessel for running scams: https://steemkr.com/bitcoin/@binyamin/bitfinex-s-founder-seemingly-tried-to-start-a-ponzi-scheme https://steemkr.com/bitcoin/@binyamin/bitfinex-s-founder-see...

TrackerFF 5y ago
On a tangent - ever since cryptocurrencies gained popularity, every known crook and MLM scam-artist here in Europe shifted their focus to some coin service. Some of these are of course difficult to soit, as they tend to use numerous different names and identities, and have been in the scamming "game" for decades. The takeaway from all of this is that one should absolutely do a quick research on founders and key figures when dealing with businesses that focus on crypto. People don't tend to change overnight, and especially not those that have been scamming people for decades before.
- user-the-name 5y ago
  There's not much point in doing research like that, given that the vast majority of cryptocurrency businesses are scams, whether or not the founders are known or unknown scammers. Just assume it's a scam from the off, it will save you a lot of work and money.
DebtDeflation 5y ago
From your first link: "On November 5, 2018, as an executive of Tether Mr Devasini lent 900 million dollars to Bitfinex and as an executive of Bitfinex, Mr Devasini signed the receipt to Tether." That sounds totally legit and normal.
- ur-whale 5y ago
  > That sounds totally legit and normal. lol, maybe he has a twin brother :D

TrackerFF 5y ago

On a tangent - ever since cryptocurrencies gained popularity, every known crook and MLM scam-artist here in Europe shifted their focus to some coin service. Some of these are of course difficult to soit, as they tend to use numerous different names and identities, and have been in the scamming "game" for decades. The takeaway from all of this is that one should absolutely do a quick research on founders and key figures when dealing with businesses that focus on crypto. People don't tend to change overnight, and especially not those that have been scamming people for decades before.

user-the-name 5y ago
There's not much point in doing research like that, given that the vast majority of cryptocurrency businesses are scams, whether or not the founders are known or unknown scammers. Just assume it's a scam from the off, it will save you a lot of work and money.

DebtDeflation 5y ago

From your first link: "On November 5, 2018, as an executive of Tether Mr Devasini lent 900 million dollars to Bitfinex and as an executive of Bitfinex, Mr Devasini signed the receipt to Tether." That sounds totally legit and normal.

ur-whale 5y ago
> That sounds totally legit and normal. lol, maybe he has a twin brother :D